Avoid hidden fees when using credit cards abroad

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Friday, 19 Jun 2009, 4:56pm
Avoid hidden fees when using credit cards abroad

Caxton FX has said that holidaymakers should not use their credit cards abroad.

A foreign exchange company has urged travellers to avoid using credit cards to make withdrawals from ATM machines abroad because hefty fees can often be applied.

Caxton FX explained that, with the pound performing better than the euro at the moment, holidaymakers can increase their savings on the continent by avoiding using credit cards abroad.

Research by the firm showed that up to £6 in every £90 paid on credit cards in European countries goes into the banks' pocket through foreign exchange fees or ATM withdrawal charges.

A representative from Caxton FX recommended its Global Traveller card, which "can be used anywhere in the world and there is no charge for withdrawing cash overseas".

British people waste a total £1 billion every year by purchasing items they have forgotten to take on holiday using their credit card abroad, according to recent research by Abbey.


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